It- return

This query is : Resolved

Hema Baldi (Querist)
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26 July 2011 I am Resident individual. I have income of 240000 from other sources in the PY 2010-11. My brought forward house property loss is 90000. Total Deduction U/s 80c is 5000 & Exempt income is 5000.Di I required to file my IT-Return for AY11-12

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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26 July 2011 As per section 139(1) , if the income is excess of the income exempted from tax (which is excess the exemption slab) need to file Income tax return. your case income is less then the taxable limit so no need to file the return

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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27 July 2011 In my opinion you should file your return as after 2 - 3 years if you have accumulated money then it will be very difficult to establish that you had the income.

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